New Zealand Energy Corp (NZ)

[wholelotamoney]

$NZERF - $NZ - New Zealand Energy Announces 2013 Year-End and Fourth Quarter Results and Operational Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2014) - New Zealand Energy Corp. ("NZEC" or the "Company") (TSX VENTURE:NZ)(OTCQX:NZERF) has released the results of its fourth quarter and fiscal year ended December 31, 2013. Details of the Company's financial results are described in the Audited Consolidated Financial Statements and Management's Discussion and Analysis which, together with further details on the Company's operational activities, are available on the Company's website at www.newzealandenergy.com and on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

NZEC will host a conference call May 1, 20141-2pm PST (4-5pm EST)North American toll-free: 1-800-319-4610International / Vancouver callers: 604-638-5340

HIGHLIGHTS

-Ten wells in production at year-end 2013 (2012: four wells)

-77,484 barrels of oil produced and 77,820 barrels of oil sold during 2013 (2012: 162,444 and 162,077)

-Total recorded revenue of $10,662,879 (2012: $16,475,971)

-Significantly improved average field netback during second half of 2013 to $60.34 per barrel (compared to $35.10 per barrel in first six months of 2013)

-Invested $37.7 million in resource properties, plant and equipment during 2013

-Completed acquisition of strategic midstream and exploration assets in the Taranaki Basin, recognizing a Gain on Acquisition of $1.4 million

-Increased 2P Reserves by 145% compared to year-end 2012, with an after tax net present value (10% discount) of $57.9 million

-Cumulative third-party revenue earned to date through Waihapa Production Station of $687,000 (net to NZEC)

-New arrangement with gas marketing counterparty is expected to commence May 5, 2014 and generate between NZ$250,000 and NZ$1 million revenue per year (net to NZEC)

-NZEC retracts its year-end 2014 production guidance

http://www.marketwired.com/press-release/new-zealand-energy-announces-2013-year-end-fourth-quarter-results-operational-update-tsx-venture-nz-1905163.htm